Reinsurance News
Brokerslink adds six to network
20th May 2022
Broker firm Brokerslink has added six technology firms to its network. The six founding ‘B.tech affiliates’ are: BWD (digital transformation), KYND (cyber security), Innovagency (digital experience), Inovretail (data science provider) , IT Power (business process and claims management) and Lightico (customer experience). According to the company, the new affiliates are the first ... Read the full article
Tokio Marine sees net US premiums written jump >25%
20th May 2022
Tokio Marine Holdings has said it saw net premiums written in the US jump over a quarter between the end of 2020 and the end of 2021. The firm, said in its latest results, that net written premiums totalled $1,378.9m in 2021, up from $1,095.8m in 2020. This represented an increase ... Read the full article
Marsh McLennan shareholders re-elect 2022 director nominees
20th May 2022
The shareholders of global insurance and reinsurance brokerage firm, Marsh McLennan, have re-elected the entire cohort of 2022 director nominees. Yesterday, Marsh McLennan held its annual meeting of stockholders, who nominated to re-elect the entire slate for a one-year term, expiring at the 2023 meeting. The director nominees re-elected include Anthony Anderson, ... Read the full article
IGI sees 27% rise in gross premiums in strong Q1
20th May 2022
International General Insurance Holdings Ltd. (IGI) has reported a gross written premium (GWP) $128 million for Q1 22, representing a 27% growth compared to GWP of $100.6 million from last years quarter. IGI stated that the increase in GWP was the result of new business generated across all segments and virtually ... Read the full article
Allstate reports April cat losses of $316m
20th May 2022
Allstate says that it has estimated catastrophe losses for the month of April of $316 million or $250 million, after-tax. The company said that catastrophe losses in April included fourteen events, primarily wind, hail and tornadoes in Texas and the southeast – estimated at $299 million, plus unfavourable reserve re-estimates for ... Read the full article
MS Amlin grows in 2021 but natural catastrophes dent underwriting result
20th May 2022
Specialist insurer and reinsurer MS Amlin has reported an improved but still unprofitable underwriting result of -£197 million for the full-year 2021, as natural catastrophe losses swelled to £296 million, somewhat offset by a much lesser impact from COVID-19. The underwriting performance does show a £79 million improvement from the loss ... Read the full article
Sompo International doubles full-year profit
20th May 2022
Bermuda-based specialty P&C re/insurer Sompo International Holdings has reported adjusted profit of 61.8 billion yen (USD 483.0 million) for the full-year 2021, up from 31.8 billion yen (USD 248.5 million) last year. The company mainly attributed its growth to the performance of its commercial P&C business unit, which saw underwriting profit ... Read the full article
Everest Insurance appoints new heads for France, Germany, and Spain
20th May 2022
Everest Insurance has appointed Anne Charon, Bernd Wiemann, and José Ramón Morales to head the firm’s operations in France, Germany, and Spain. The announcement, made on LinkedIn, said that the three appointments were subject to regulatory approval and are part of the firm’s plans to expand its market in Europe. Vincent Vandendael, ... Read the full article
WTW’s Radar upgrade mitigates “black-box” risks with increased transparency
20th May 2022
Re/insurance broker WTW has announced the launch of the newest version of its leading-edge Radar pricing software, Radar 4.15. The latest version overcomes a major barrier to wider adoption of machine learning by introducing a market-first capability, making it significantly easier for insurers to benefit from the full predictive power of ... Read the full article
PERILS updates Euro windstorm losses to €3,610m
20th May 2022
PERILS has estimated that the European windstorm series over Britain and Europe in February caused a loss to the insured property market of €3,610m up from its March estimate of €3,289m. The windstorm series consisted of three storms named Ylenia, Zeynep, and Antonia by the Free University of Berlin, and Dudley, ... Read the full article
PartnerRe falls to net loss on investments, but non-life underwriting improves
20th May 2022
Bermuda-based PartnerRe has reported an improvement in non-life underwriting for the first-quarter of 2022, although unrealised losses on the back of increases in interest rates has resulted in a net loss of $539 million. The net loss reported by PartnerRe represents a deterioration from the $66 million loss announced in Q1 ... Read the full article
Cyber insurance gap ‘disproportionately high’ – Munich Re
20th May 2022
The insurance gap for cyber products is ‘disproportionately high’, says Munich Re in a new report. The 26-page work, the Munich Re Global Cyber Risk and Insurance Survey 2022, posits that while global cyber premiums are currently $9.2bn annually and are set to reach $22bn in the next three years, the ... Read the full article
RMS upgrades weather & terror models to high def
20th May 2022
RMS, the Moody’s-owned risk modelling and solutions company, has announced it will release four new high definition risk models, including for Europe Windstorm, North America Winterstorm (WT), North America Severe Convective Storm (SCS), and Terrorism. The HD probabilistic models incorporate a high-fidelity, simulation-based framework for modelling event frequency and severity, which ... Read the full article
Allianz finished acquiring majority stake in Tanzanian business of Jubilee
20th May 2022
Allianz has finished acquiring its majority stake in Jubilee General Insurance Company of Tanzania. A joint statement from the insurer, along with Jubilee General Insurance, said that the former had acquired a 51% stake, following the signing of an agreement in September 2020. Under the deal, Allianz was to become the ... Read the full article
Starr Insurance Companies to acquire Thai non-life insurer
20th May 2022
Starr Insurance Companies has announced an agreement with FPG Insurance Holdings Limited and local Thai shareholders to purchase FPG Insurance Public Company Limited – a Thai non-life insurance company, together with local Thai parties. Starr’s investment will be held by its Bermuda insurance company, Starr Insurance & Reinsurance Limited. The transaction is ... Read the full article
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